New York Senator Chuck Schummer seeks to bring foreign real estate buyers to the United States. He has proposed a new bill in Congress which would allow foreigners to qualify for a resident visa (green card) in the United States if they buy a house in a cash purchase of at least $500,000.00. The purchase also applies to town houses and condos.
Richard Smith, the Chief Executive Officer of Realogy, the parent organization for ERA Realty, Century 21 and Caldwell Banker, in an interview with the Wall Street Journal oppressed the bill proposed by Senator Schummer. Mr. Smith claimed that this was unnecessary because even without any of incentive foreigners are buying American property at record levels.
Between March of 2010 and March of 2011, a little over a trillion dollars was spent on the purchases of existing homes in the United States. Forty one billion dollars of this amount was spent by foreign investors. Foreign investors utilizing the favorable exchange rates purchase many of their homes on an all cash basis.
Schummer’s Bill Helps Housing Industry
Senator Schummer claims that his new proposed bill would have an affirmative affect on creating further demand within the real estate industry in the United States. In addition, this would cost the Federal Government absolutely nothing. Schummer indicated to the Wall Street Journal in an interview, home sales to foreigners would be an excellent way of absorbing the large inventory of unsold homes in the United States.
I think this is an excellent idea. Foreigners with half a million dollars in cash to put down for a home would likely not only help the housing industry, but have an overall affirmative affect on the economy in general in the United States. Americans have been spending their money overseas fighting wars and investing in foreign countries for decades. I look forward to foreigners spending millions and millions of their dollars here. It’s kind of a pay back situation.
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The depressed real estate market in the United States reached a new low in July, 2011. Home sales fell 3.5% during that month. This brought home sales to the lowest point in the last 13 years. Home prices keep falling. This makes it harder and harder for individuals to sell their homes. The reduction in home values has been a driving force in the economic problems in the United States. Consumers who feel the value of their home is going down are disinclined to spend money on everyday purchases. There is a negative effect on the economy in the United States when consumers believe their homes are losing value.
